Our Frequently Asked Questions

This is what happens when your monthly payment, doesn’t cover the interest your loan is accruing. This is due to a reduced payment program.  This results in the loan's principal increasing each month, even while you are making payments.   This is referred to as Negative Amortization, or Neg-Am.

Yrefy offers flexible private student loan refinance options to potential borrowers based on the loan balance to be refinanced:

• 3-year to 20-year repayment plan with interest accruing at 0.1 - 5.99% APR.
• 20-year repayment plan is at the discretion of the Yrefy.
• Fixed interest rates will vary based on loan amounts and meeting eligibility requirements.
• Use our student loan refinance calculator to compare your current student loan to a new Yrefy loan. 

Yrefy offers an incentive program, SKIP-12 Program, for borrowers that are experiencing temporary hardship. Borrowers who qualify can skip 1 payment, every 6 months, for the life of the loan.

Another option, Yrefy will work with our borrowers to refinance their loan, extending the payment term, if a lower payment is needed for the borrower success long-term.

You can pause payments, due to Military deployment. Yrefy will issue a forbearance based on the Military Lending Act may be granted in 12-month periods. There is no time limit for this forbearance but must be renewed annually.

• No application fee.
• Yrefy will assess Borrowers, nominally, a 5% loan origination fee, at the time of loan payoff on the total Private Education Refinance, based the refinances amount.

There are no prepayment penalties.

Yes, making consistent on-time payments can eventually lead to a co-borrower release.

A soft credit check is done for prequalification, which does not hurt your score, but a hard credit check is required for final application.

By replacing a defaulted, delinquent loan with a new, active loan that is paid on time, you can rebuild your credit score.

Yrefy currently offers refinancing in 41 states within the United States. States we provide services in are: Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Wyoming.

Borrowers can contact Yrefy for a personalized, in-depth consultation regarding their loan situation. Call us at (866) 816-7649 or fill out our contact us form.